(GMB MK/HOLD/RM2.75/Target: RM2.90)
The group reported strong 3Q17 core net profit growth of 13% qoq and 11% yoy to RM47.3m. This includes RM11m asset contribution from a customer for piping to customer’s premises (last mile capex). 9M17 core net profit of RM127.7m (+7% yoy) is in line with expectations. The group recorded commendable natural gas volume growth of 10% yoy in 9M17 against a backdrop of healthy economic activity. Maintain HOLD. Target price: RM2.90. Entry price: RM2.50.
Source: UOB Kay Hian Research - 10 Nov 2017
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